The Conservative Reform Network Blog

Chrysler and GM Pension Tsunami

Defined Benefit Pension Plan for 255,000 is underfunded by $9.2 billion. It appears that because of the “intricacies” of pension funding rules and the deal that the Obama Administration worked out, that Chrysler’s next payment is deferred for two years. Chrysler was technically bankrupt until the Obama Administration re organized but it remains financially shaky. Will it be able to make the one billion payment due under the intricate pension funding rules due in two years?

General Motors, now known as Government Motors and the pensions of the U.S. automakers [Ford, Chrysler and GM] and their suppliers are underfunded by a combined $60 billion. General Motors (GM) alone has 670,000 pension participants.

Posted in National Politics, Pension Bomb | 1 Comment »

Chrysler Bondholders = Regime Uncertainty; Impairment of Contracts

The Obama “Rahm Wants it” Administration politically favored unsecured Union creditors over disfavored ‘free market’ private, secured bondholders. Biblically, this would be called theft and that right wing radical extremist ideologue James Madison had to say about  Regime Uncertainty and Impairment of contracts in Federalist #44, Bills of attainder, ex-post-facto laws, and laws impairing the obligation of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. The two former are expressly prohibited by the declarations prefixed to some of the State constitutions, and all of them are prohibited by the spirit and scope of these fundamental charters.

Blogger and aircraft financier Dave Cribbin of TailWind Capital Group writing at blog.getliberty.org brings us to May 2009 In the Chrysler deal, the [United Auto Workers] were unsecured creditors and the Chrysler bondholders were secured creditors. The bondholders received 28% of the value of their $6.9 billion in bonds in cash; the Union will receive stock worth approximately $4.2 billion, and a note for an additional $4.58 billion, which represents 82% of the value of their claim.

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Posted in Elected Officials, National Politics | 1 Comment »

Labor Unions Rebuff State University System’s Request to Freeze Pay

Union Organizers may not see value in competitive labor costs but young people will be deprived of an education because of parochial and self-centered Union Demands for “more” when everyone else is getting less.

Labor unions rebuff state university system’s request to freeze pay

Hoping to avoid hitting students with a large tuition increase at a time when they and their families can least likely afford it, the state university system has asked its labor unions to consider freezing their pay for a year.

But the answer so far has been a resounding no.

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Posted in Screwed Up Schools, Unions | No Comments »

The Separation of Marriage and State

This is the Libertarian position on marriage and the state from Campaign for Liberty. Ludwig von Mises said this in Liberalism (meaning Free Market Free Trade Limited Government Classical Liberalism) ‘ It is not from a disdain of spiritual goods that liberalism concerns itself exclusively with man’ material well-being, but from conviction that what is highest and deepest in man cannot be touched by any outward regulation.”  I am not sure that Von Mises ever discussed Gay Marriage. But the Campaign for Liberty seems true to his ideas.

This has been my personal experience and the freedom of conscience that America still has gives me and others great latitude in exploring true spirituality which is very different for many different people. Von Mises and his Libertarian philosophy which relies on voluntary cooperation of diverse people and a peaceful society focuses on the dignity and uniqueness of each of us. Truly Pro Life.

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Posted in Free Market - Right to Work | 1 Comment »

MontCO Dr. Walter Hofman is Pa.’s Most-Credentialed Coroner

Great story  My kind of guy except for barbecuing. I am, also, a big fan of NCIS  and CSI, CSI Miami and CSI NYC  all of which feature the coroner as central character.

Dr. Walter Hoffman Montgomery County Coroner

Posted in Local Politics | No Comments »